Boralex Inc Cl A (TSE:BLX)
TSX:BLX
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Boralex Inc Cl A
(TSX:BLX)
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Rating:46Neutral
Price Target:
C$36.00
▼(-1.75% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial quality (sharp net income decline, high and rising leverage, and negative free cash flow). Technicals are supportive due to a strong uptrend but are tempered by overbought signals. Valuation is a major headwind given the extremely high P/E with only a modest dividend yield, while the earnings call was strategically constructive but flagged near-term pricing and production shortfalls.
Positive Factors
High operating margins
A ~22% EBIT margin reflects strong asset-level economics across wind, hydro and solar. Durable operating profitability supports project cash generation, underpins ability to cover fixed costs and funds reinvestment, improving resilience to short-term generation or price swings.
Negative Factors
High and rising leverage
Rapidly increasing leverage reduces financial flexibility: higher interest and refinancing exposure can constrain capital allocation and elevate risk if financing conditions tighten. For an asset-heavy developer, the rising debt trend materially increases balance sheet risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High operating margins
A ~22% EBIT margin reflects strong asset-level economics across wind, hydro and solar. Durable operating profitability supports project cash generation, underpins ability to cover fixed costs and funds reinvestment, improving resilience to short-term generation or price swings.
Read all positive factors
Boralex Inc Cl A (BLX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.78B
Dividend Yield2.62%
Average Volume (3M)386.74K
Price to Earnings (P/E)422.2
Beta (1Y)0.72
Revenue Growth-0.47%
EPS Growth-80.56%
CountryCA
Employees822
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)0.13
Shares Outstanding102,755,000
10 Day Avg. Volume345,914
30 Day Avg. Volume386,736
Financial Highlights & Ratios
PEG Ratio-5.10
Price to Book (P/B)1.92
Price to Sales (P/S)3.48
P/FCF Ratio-11.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$34.90Price Target Upside-4.75% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.93
Revenue Forecast (FY)C$1.02B
Boralex Inc Cl A Business Overview & Revenue Model
Company Description
Boralex Inc., together with its subsidiaries, engages in the development, construction, and operation of renewable energy power facilities primarily in Canada, France, and the United States. As of December 31, 2021, the company had interests in 90...
How the Company Makes Money
Boralex makes money primarily by generating and selling electricity produced by its renewable energy facilities. The largest revenue stream comes from selling power under long-term contracts (such as power purchase agreements) that typically set p...
Boralex Inc Cl A Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a positive strategic and operational trajectory: strong organic capacity growth, a sizable development pipeline, leadership in battery storage, improved liquidity and notable contract and market wins. Near-term financial performance was tempered by weather-driven generation variability and a material pricing headwind in France (short-term contracts), which produced production shortfalls versus forecasts and a modest EBITDA decline. Management expects the pricing unwind to largely conclude in 2026 and highlighted continued disciplined execution and financing progress to support the 2030 plan.Positive Updates
Year-over-Year Production Growth (FY2025)
Total combined production increased 8% versus 2024, reflecting improved wind conditions in North America and commissioning of new projects.
Negative Updates
Production Below Expectations Affecting FY Results
Although production rose 8% YoY, total production was 10% below anticipated levels for FY2025. Management stated financial performance was below expectations, with combined operating income of CAD 248 million and combined EBITDA of CAD 655 million (EBITDA down 2% versus 2024).
Read all updates
Q4-2025 Updates
Positive
Negative
Year-over-Year Production Growth (FY2025)
Total combined production increased 8% versus 2024, reflecting improved wind conditions in North America and commissioning of new projects.
Read all positive updates
Company Guidance
The call guided that fiscal 2025 saw total production +8% vs. 2024 but -10% vs. plan, with combined operating income of CAD 248M and combined EBITDA of CAD 655M (down 2% YoY); Q4 production was +17% YoY but -7% vs. plan, Q4 EBITDA was $203M (+$12M) and consolidated discretionary cash flow $56M (+$9M). Boralex enters 2026 with installed capacity of 3.8 GW (+615 MW in 2025), a development portfolio >8.2 GW (7.2 GW in early/mid/advanced stages) and a 1.1 GW growth path, including secured additions of 450 MW (Fort Covington/Two Rivers) and 125 MW (Oxford BESS); batteries added 380 MW, making them the largest BESS operator in Canada. Liquidity/authorized financing totaled $681M (+$158M), total debt $4.4B (85% project debt), with $1B project financings and $250M corporate financing closed. Timing/guidance: Hydro‑Québec Southern Quebec RFP in spring 2026 (bids Feb 2027, awards Aug 2027), Oxford BESS mid‑2027, NY solar ~2028, France repowering pipeline ~450 MW (200 MW net new; Ally‑Mercoeur 104 MW by 2028), and a 2026 pricing headwind expected to be negative but smaller—the last year of the unwind.Boralex Inc Cl A Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
41
Neutral
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 849.00M | 853.00M | 1.02B | 836.00M | 691.00M |
| Gross Profit | 324.00M | 358.00M | 642.00M | 578.00M | 538.00M |
| EBITDA | 512.00M | 534.00M | 517.00M | 406.00M | 476.00M |
| Net Income | 7.00M | 36.00M | 78.00M | 30.00M | 17.00M |
Balance Sheet | |||||
| Total Assets | 7.65B | 7.60B | 6.57B | 6.54B | 5.75B |
| Cash, Cash Equivalents and Short-Term Investments | 343.00M | 592.00M | 478.00M | 361.00M | 259.00M |
| Total Debt | 4.98B | 4.30B | 3.62B | 3.61B | 3.91B |
| Total Liabilities | 5.66B | 5.58B | 4.55B | 4.51B | 4.54B |
| Stockholders Equity | 1.54B | 1.60B | 1.63B | 1.68B | 1.00B |
Cash Flow | |||||
| Free Cash Flow | -249.00M | -237.00M | 216.00M | 257.00M | 166.00M |
| Operating Cash Flow | 362.00M | 215.00M | 496.00M | 513.00M | 345.00M |
| Investing Cash Flow | -768.00M | -578.00M | -268.00M | -684.00M | -433.00M |
| Financing Cash Flow | 132.00M | 479.00M | -109.00M | 261.00M | 75.00M |
Boralex Inc Cl A Technical Analysis
Positive
36.64
Price Trends
30.62
Positive
27.94
Positive
28.24
Positive
Market Momentum
1.91
Positive
81.96
Negative
48.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BLX, the sentiment is Positive. The current price of 36.64 is above the 20-day moving average (MA) of 35.78, above the 50-day MA of 30.62, and above the 200-day MA of 28.24, indicating a bullish trend. The MACD of 1.91 indicates Positive momentum. The RSI at 81.96 is Negative, neither overbought nor oversold. The STOCH value of 48.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BLX.
Boralex Inc Cl A Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | C$269.54M | -64.76 | -1.09% | 7.11% | 8.43% | -208.08% | |
61 Neutral | C$6.16B | -28.57 | -3.92% | 6.80% | 3.78% | -162.59% | |
58 Neutral | C$31.95B | -400.32 | 2.67% | 5.56% | 16.73% | 68.44% | |
53 Neutral | C$335.20M | -2.80 | 8.61% | ― | -41.86% | ― | |
51 Neutral | C$6.66B | 25.55 | 3.88% | 4.32% | -0.44% | ― | |
46 Neutral | C$3.78B | 422.17 | 0.45% | 2.62% | -0.47% | -80.56% |
* Utilities Sector Average
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Boralex Inc Cl A Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Boralex and Six Nations Close $202 Million Green Loan for Ontario Battery Storage Project
Positive
Apr 2, 2026
Boralex Inc. and Six Nations of the Grand River Development Corporation have closed a $202 million green loan financing for the 125 MW / 500 MWh Oxford Battery Energy Storage Project in South-West Oxford, Ontario. The financing, arranged by CIBC a...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Boralex to Go Private in $9 Billion Brookfield–La Caisse Deal to Accelerate Growth
Positive
Mar 25, 2026
Boralex Inc., a Québec-based renewable energy producer with operations across Canada, the U.S., France and the U.K., has built a diversified portfolio of wind, solar, hydroelectric and storage assets over its 35-year history. The company play...
Business Operations and Strategy
Boralex Confirms Strategic Review While Reaffirming Core Renewable Strategy
Positive
Mar 24, 2026
Boralex Inc., a leading renewable energy producer in Canada and France with growing operations in the U.S. and the U.K., has expanded its installed capacity by more than 50% over five years and is advancing a sizable pipeline of wind, solar and st...
Business Operations and StrategyExecutive/Board Changes
Boralex Names New CFO and Folds CSR, Risk into Finance Function
Positive
Feb 27, 2026
Boralex has appointed Philippe Bonin as Executive Vice President and Chief Financial Officer, effective March 16, 2026, following a rigorous selection process and the interim tenure of Stéphane Milot, who returns to Investor Relations and Fin...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Boralex Grows Global Renewable Portfolio as 2025 Earnings Reach $33 Million
Positive
Feb 27, 2026
Boralex reported net earnings of $33 million for fiscal 2025, as higher production from favourable wind conditions and newly commissioned sites lifted quarterly results, even though full-year operating income and EBITDA(A) declined versus 2024 due...
Business Operations and Strategy
Boralex and Six Nations Commission Canada’s Largest Battery Storage Facility
Positive
Feb 27, 2026
Boralex Inc. and Six Nations of the Grand River Development Corporation have commissioned the Hagersville Battery Energy Storage Park in Ontario, now the largest operating battery storage facility in Canada at 300 MW / 1,200 MWh, using 334 Tesla M...
Business Operations and Strategy
Boralex Wins Contract for Difference for Sallachy Wind Farm in Scotland
Positive
Feb 16, 2026
Boralex has secured a UK government Contract for Difference for its consented Sallachy Wind Farm in Scotland, a roughly 44 MW onshore project near Lairg in Sutherland that is expected to be commissioned in 2028. The project, alongside other Scotti...
Business Operations and StrategyDividends
Boralex Declares Quarterly Dividend as Renewable Capacity Expands
Positive
Feb 11, 2026
Boralex Inc., a leading North American and European renewable energy producer specializing in onshore wind, solar and storage, has grown its installed capacity to 3,403 MW and maintains an 8 GW pipeline of projects. The company positions itself as...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.